Fortis acquires South Melbourne development site for $6.9 million

Staff reporterSeptember 20, 20200 min read
A 492sqm site in South Melbourne has been sold to Fortis for $6.9 million.
 
Construction on a new build on this site will commence late 2021, expected to be completed in early-2023.
 
Offering 2,000 sqm NLA, the $9 million new build at 18-22 Thomson St will feature six levels of commercial office space, complemented by extensive parking facilities.
 
The transaction was negotiated by Ben Appel of Appel Property in conjunction with Alby Tomassi of Tomassi & Co.
 
"Premium office space in South Melbourne is in great demand; we have already leased out 60% of Pallas House Melbourne, our other South Melbourne site, through off-market deals over the past four months,” says Charles Mellick, Director, Fortis.
 
“Off the back of the success of Pallas House Melbourne, we are confident of similar demand for the space in Thomson Street which is only expected to increase with the completion of ANZAC station in the coming years.
 
The Thomson St site is also a short walk away from the upcoming ANZAC metro station, Albert Park, Royal Botanical Gardens and South Melbourne Market.
 
Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis.
 
Other projects by Fortis in Melbourne include Ode in Toorak, a residential development in Brighton, Bower in South Yarra, Balmoral and East Grove in Glen Iris, 232 Wattletree in Malvern and Pallas House in South Melbourne.
 
The expected end value of Fortis’ Melbourne projects currently under construction or under a planning proposal is $800m, with a further $900m pipeline of work in Sydney.
 

Staff reporter

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South Melbourne
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